eToro Review 2023

eToro is one of the largest social trading communities in the world. It is a well-liked and dependable option for millions of investors worldwide.

The trading platform has a lot to offer its users. For example, eToro users can copy the trades of experienced investors or choose to receive exciting benefits by sharing their own trading strategies on the easy-to-use trading platform. Although eToro has higher fees than some competitors, it offers a comprehensive trading experience.

The eToro platform has made learning skills such as analyzing market, trends, and information more accessible than ever.

When eToro launched in 2007, it completely changed the crypto trading landscape in the financial markets.

It is one of the world's best social trading and copy-trading sites. You do not have to be an experienced technical analyst or keep up with the news to make important crypto trading decisions. Instead, all you need to do is "copy" the trades and tactics some successful traders and investors already use on the trading platform.

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	eToro	8.7	Visitetoro.com	Live Chat	iOS, Android	2FA, Biometrics	1%	Don’t invest unless you’re prepared to lose all the money you invest.

Main Features and Highlights

Almost anyone can access short-, medium- and long-term investment options thanks to eToro's platform, which gives traders and investors access to more than 3,000 different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies, and commodities. Moreover, users can invest in these assets with or without leverage. US customers only have access to unleveraged cryptocurrencies, US stocks and ETF's; other instruments are not available.

eToro's main features are detailed below.

Pros and Cons of Using eToro

What Can I Do on eToro?

With more than 28 million members across 140 countries, eToro offers a cryptocurrency exchange that facilitates crypto trading. It also acts as an online brokerage platform for a limited number of stocks and exchange-traded funds (ETFs). In addition, individuals who desire a more collaborative trading experience may consider this platform due to its social features and vibrant community.

However, eToro's high crypto trading costs may be a bit excessive if you are looking for a cheap cryptocurrency exchange.

Trading

eToro makes it easy to trade crypto, US stocks, and ETFs. You can view news, analysis, and stats on each asset, and you'll also have access to advanced customizable trading charts. The trading process is very simple and comes with an intuitive user interface.

Copy Trading

In addition, eToro's CopyTrader allows you to replicate the actions of other traders and trade automatically. With just the press of a button, you can start replicating the positions of your chosen investor automatically (with the option of a stop-loss level to limit potential losses). The service is offered exclusively for cryptocurrencies.

A user can be copied for as little as $200. Users have the ability to imitate up to 100 traders at a time. Users can view millions of other traders' portfolios, statistics, and risk ratings, even without using CopyTrader. (US customers can only duplicate other US users but also have full access to all publicly available profiles from around the world).

eToro is best for cryptocurrency, stock, and ETF traders. It is also a great choice for social or copy-trading investors.

Pros and Cons of eToro Trading Products and Options

Cryptocurrency Selection

In 2017, eToro expanded its asset selection by adding cryptocurrencies to the platform. It did so by enabling crypto trading in a number of digital currencies, including Bitcoin, Litecoin, Ethereum, and Ripple's XRP.

eToro currently offers 80+ cryptocurrencies. Although this is significantly fewer than crypto-specific platforms like Binance or KuCoin, eToro still offers a good selection. Investors have access to DeFi tokens, gaming, metaverse, and smart contract cryptocurrencies.

eToro core cryptocurrency pairs

Cryptocurrencies can only be bought, sold, and traded against USD, which is the currency that all eToro accounts are denominated in.

There are about 80 different cryptocurrencies available on eToro, and some of the most popular ones include:

• Bitcoin

• Ethereum

• XRP

• Bitcoin Cash

• Stellar Lumen

	Name	Score	Visit	Disclaimer
	eToro	8.7	Visitetoro.com					Don’t invest unless you’re prepared to lose all the money you invest.

Different Trading Options Offered by eToro

As mentioned, the copy trading feature of eToro is great because it offers both experienced and amateur traders the chance to trade a wide range of financial assets with ease.

Below are some additional trading options worth considering when using eToro:

Multi-asset

eToro is a multi-asset brokerage company that offers a wide selection of financial asset classes to choose from. You can trade a selection of cryptocurrencies and other assets of your choice.

eToro has over 2,000 financial asset classes cutting across cryptocurrencies, commodities, fiat currencies, indices, and ETFs. These assets are also available in a variety of options, including leverage trading. Please note US customers only have access to unleveraged cryptocurrencies, US stocks and ETF's; other instruments are not available.

CopyPortfolios

This is a long-term investment product. It was formerly called CopyFunds before it was renamed CopyPortfolios in 2016.

The concept here is to take advantage of eToro's machine-learning tools to dive deeper into the trading strategies developed by its users. This goes a long way to help traders brainstorm ideas that can help them come up with better strategies. Over time, these traders will be positioned to receive maximum returns on their investments.

Leverage trading is available on eToro. This is possible because the broker offers CFDs. With eToro's CFDs, you can enjoy up to 30x the amount you borrowed from the broker to trade. In the US customers can only access unleveraged cryptocurrencies, US stocks and ETF's; other instruments are not available.

But keep in mind that as much as leverage allows for flexible trading, it can be risky as well. Leverage trading is calculated in both profits and losses. Depending on the leverage you used, you could pay back as much as 10x the amount you borrowed if the trading strategy you used didn't pan out as expected.

This is why you should consider familiarizing yourself with how eToro's leverage trading and take note of the risks and benefits. This will help you decide whether you can afford to risk losing your borrowed capital if the trade goes south.

The spreads on currencies are as low as 1 Pip and can be as high as 3 Pips, depending on the currency pairs.

It is important to note that the spreads are only calculated to be paid once you close the position you have been holding. Additionally, the adjustments will be made at that time with reference to the closing price of the asset you have been holding.

Below we have created a table that compares eToro to three of its main competitors.

eToro Review of Fees

Are you trying to make a deposit or withdrawal on eToro? Even though the process is straightforward, you should first check what the eToro fees are.

There are no fees for setting up an account.

However, you will be charged a withdrawal fee. A $5 fee is charged for each withdrawal from the eToro website. This fee is used to pay or settle some of the costs that are often incurred when sending money abroad.

There are numerous ways to deposit money into your eToro account. Debit and credit cards, digital wallets, PayPal, and bank transfer are just a few of them.

Be aware that customers in the US cannot trade CFDs, and only have access to unleveraged cryptocurrencies, US stocks and ETF's; other instruments are not available.

Below is an overview of the types of fees and the cost:

eToro cryptocurrency trading fees

The next table is a fee comparison between Robinhood and eToro.

eToro non-trading fees

There are three different categories of non-trading fees at eToro:

1. Non-USD deposits and withdrawals are subject to a conversion fee.

2. Withdrawal Fees: A $5 USD fee is charged for each withdrawal request.

3. An inactivity fee is charged after one year of inactivity.

Additionally, there are fees for using the eToro wallet and trading cryptocurrencies. Dividends may be applied to or deducted from your available balance in addition to the fees.

Is eToro Safe for Beginners?

Yes, eToro is good for beginners as the platform is straightforward and offers access to the most popular and trending investments.

Is It Worth Investing in eToro?

eToro stands out as an excellent choice for traders who value a social and user-friendly trading experience. eToro is particularly suitable for traders looking for an intuitive platform with a wide range of assets they can easily manage in a single portfolio.

How to Open an Account With eToro

	Name	Score	Visit	Disclaimer
	eToro	8.7	Visitetoro.com					Don’t invest unless you’re prepared to lose all the money you invest.

Opening an account with eToro is as easy as following the steps below:

Step 1: Visit eToro's official site

Click on the “Start investing” button on the homepage.

Step 2: Sign up

Choose a registration procedure: social media, email, or simply enter your details. You can easily connect either your Facebook or Google account and go to the next step. Otherwise, enter your full name, email address, telephone number, preferred username, and password.

Step 3: Read & Accept Terms

Go through the Terms & Conditions and the Privacy Policy pages. Come back and tick the boxes of both to accept the conditions.

Step 4: Complete Registration Process

Click on the “Sign Up” or “Create Account” button to proceed (demo account or live)

Step 5: Complete Verification

Go through the Know Your Customer (KYC) process and wait for your account to be verified.

Step 6: Start Trading

Start trading and potentially make huge profits by copying the trades of the other successful traders on eToro.

eToro Deposit and Withdrawal

Deposit methods

• Bank Transfer: Unlimited deposits via the following currencies: EUR, USD, and GBP

• Credit and Debit Cards: Deposits can be made via AUD, USD, EUR, and GBP. The maximum single deposit is $40,000.

• Rapid Transfer: Maximum single deposit of $5,500.

• PayPal: Maximum single deposit of $10,000 payable via USD, AUD, GBP, and EUR.

• Klarna/Sofort Banking: Up to $30,000 single deposits.

• POLi: Maximum single deposit of $70,000.

• Neteller and Skrill: Maximum single deposit of $10,000 each.

• Trustly: Up to $40,000 per single deposit.

• iDEAL: Up to $50,000 maximum single deposit.

In order to deposit money to eToro, choose your preferred method and follow the instructions below:

How to make a withdrawal on eToro

Follow the below steps to easily withdraw funds from eToro.

Withdrawal methods:

· Credit and Debit Cards

· Skrill

· iDEAL

· PayPal

· POLi

· Neteller

· Klarna/Sofort Banking

· Bank Transfer

Most of the deposit and withdrawal methods offered by eToro are instant. The only exceptions is bank transfer, which can take up to 7 days, and Klarna/Sofort Banking, which only allows you to withdraw funds after seven business days of making the deposit.

eToro Trading Platform Review

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	eToro	8.7	Visitetoro.com					Don’t invest unless you’re prepared to lose all the money you invest.

The web platform is user-friendly and satisfies basic investor requirements.

eToro Web Trading Platform Review

The systems supported by eToro are:

• Android

• iOS

• Windows

• Mac

In addition to its website, eToro has also developed two mobile applications for easy access. The first is the main eToro mobile application that is used to access the platform. The other is the eToro Wallet.

The eToro Wallet is a dedicated digital wallet that is used to primarily store the crypto assets you want to hold for the long term. The wallet is downloadable as a mobile application from both the Apple Store (for iOS users) and the Google Play Store (for Android users).

Overall, eToro offers a wonderful user experience, both on its website and through mobile apps. It offers an easy-to-use interface and a straightforward design.

In order to keep your account safe and secure, eToro uses state-of-the-art security solutions for the best possible protection of your money and personal information.

You can use the search tool by typing in the box in the header of the eToro website. This tool allows you to search for markets and other eToro users.

You can activate price alerts by swiping to the right of the instrument or clicking on the three dots next to the instrument in the web version of eToro.

Bullsheet allows you to manage your eToro portfolio easily. Users can choose who they copy, analyze risk, and track their investments after hours.

You can locate the earnings reports on the home page of your eToro account.

eToro review (App)

Overall, using eToro on a mobile device is a good experience. There is high usability, and almost identical features are offered by eToro on both the web platform and the mobile app.

Overview of the apps

eToro offers the eToro app and eToro Money for cryptocurrencies and money transfers. Both apps are available in the Apple App Store and Google Play.

Usefulness

The eToro mobile app retains the look and feel of the web version and offers helpful features such as dark and light modes and synchronized watchlists, which contribute to a smooth platform experience across all devices.

Charting

The charts, like the rest of the mobile app, are responsive and similar to the web platform, although only five indicators are available, as opposed to 67 on the web. The app lacks drawing features, which would be a great addition to an otherwise well-integrated and cleanly designed mobile app.

eToro review (Desctop)

The user-friendly layout of the eToro website makes it easy for traders to find what they're looking for. Users can enjoy similar features and capabilities of the app on the website.

Is it easy to trade on eToro?

The platform is usable on a variety of devices, including mobile apps and web browsers. The ground-breaking CopyTrader and CopyPortfolios tools on eToro make trading as easy as "copy and paste."

How to Buy Crypto on eToro

How to sell cryptocurrencies using eToro

Selling cryptocurrency on eToro is as simple as buying it.

eToro Trading Tools and Charting

Here are some tools for both amateur and professional traders on eToro:

Technical analysis

Technical analysis, the most widely used tool by traders around the world, focuses on gathering data from charts and graphs related to the asset you want to trade. In order to predict where the charts of financial instruments will move next, analysts using this strategy look for recurring patterns and apply various models to them.

Fundamental analysis

Fundamental analysis is another popular approach. Unlike technical analysis, fundamental analysis focuses on finding market opportunities by examining different types of information, such as:

News

The cryptocurrency market is often influenced by the media. News about major financial events, such as the consideration of a bitcoin ETF by the SEC, can also impact the cryptocurrency market.

Financial events

International financial summits where the topic of cryptocurrencies is discussed, speeches by government officials on the topic, and other similar occasions can impact cryptocurrencies.

Automated orders

Many traders use specialized orders to save time and execute some financial decisions automatically. There are numerous ways to accomplish this. An order can be set up to automatically execute automatically on an asset, but only at a certain price.

Other types of orders are stop-loss orders, which automatically close a trade when a predetermined loss amount is reached, and take-profit orders, which do the same when a predetermined profit amount is reached.

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	eToro	8.7	Visitetoro.com					Don’t invest unless you’re prepared to lose all the money you invest.

eToro Customer Service

eToro customer satisfaction

The fact that eToro reported having over 28 million users shows how popular and trusted the platform is.

More than 17,000 consumers have reviewed eToro on Trustpilot, giving the company an average rating of 4.3 out of 5 stars and a 59% excellent rating.

On Reddit, the discussions around eToro are mostly positive, and there is also an active eToro community.

In general, app users also favored eToro. They have a rating of 4.1 on the Google Play Store and 4.7 out of 5 stars on the App Store.

However, there have been some unfavorable comments. Many of them center on the challenges users encountered while trying to withdraw money and contact customer service, which some users found to be aggravating.

Educational & Learning Materials

eToro has a dedicated learning ecosystem called eToro Academy. It is an online educational learning ecosystem where you will learn most of the things you need to know about investing in cryptocurrencies.

You can choose your learning materials based on the type you find convenient. There are guides, videos, webinars, and podcasts. Users can also choose the educational resources based on their learning levels, such as beginner or advanced.

The resources have been sorted based on the different strategies. There are resources for investing in addition to trading cryptocurrencies.

Safety & Security eToro

How Reliable is eToro?

eToro is trusted by over 30 million traders globally. It is licensed to safeguard client funds and offer brokerage services across multiple nations. Established in 2007, eToro operates under regulation in two tier-1 jurisdictions and one tier-2 jurisdiction, ensuring a secure trading environment with low risk for forex and CFD transactions.

Can I Trust eToro with My Money?

Yes. eToro adheres to regulations set forth by the FCA, CySEC, and ASIC, ensuring investor protection through established measures. Our clients' funds are kept secure in top-tier banks, and all of their personal information is guarded under SSL encryption.

How am I protected with eToro?

Both your information and your portfolio are protected. The broker uses advanced security measures, including an SSL certificate, to protect your information. Your funds and cryptocurrency portfolios are protected by segregated accounts. The broker also offers you the option to download the eToro Wallet, which allows you to have full control over your crypto assets.

Is eToro regulated?

eToro offers the best cryptocurrency services while operating under the stringent compliance practices.

The broker is regulated in the United Kingdom by the Financial Conduct Authority (FCA). It is also regulated in Europe by both the Cyprus Securities and Exchanges Commission (CySEC). The regulation in both the UK and Europe places eToro in compliance with the Market in Financial Instruments Directive (MiFID).

eToro is also regulated in Australia by the Australian Securities and Investments Commission (ASIC). It holds the Australian Financial Services License (ASFL) issued by the same regulator body.

Do I have to verify my account with eToro?

Yes, eToro requires new users to verify their accounts because that is part of the regulatory policies the broker keeps. Verification comes with the added advantage of having unlimited access to all that the broker has to offer.

To verify your account, you will be asked to provide specific documents, including:

· Proof of address. For example, an internet bill, bank statement, or phone bill.

· Proof of identity. This can be a driver's license, passport, or any other government-issued ID card. Note: the proof of identity documents should include your full name, date of birth, issue date, and expiry date.

eToro background

Yoni Assia, Ronen Assia, and David Ring founded eToro in Tel Aviv in 2007 under the name RetailFX. The company launched the eToro OpenBook social investment platform in 2010, along with its CopyTrader feature, which allows users to copy the top traders in the network automatically.

How Does eToro Make Money? By retaining the difference between the bid and ask price, eToro generates revenue. Even if a platform explicitly states commission-free trading, this approach is a common way for brokers to price trades and collect fees.

What Are the Disadvantages of eToro?

The drawbacks of eToro are that it doesn't offer bonds, mutual trusts, or investment trusts. Additionally, there are various fees involved, including those for currency conversion and withdrawals. Lastly, eToro does not provide a SIPP, meaning British users cannot avail themselves of government-offered tax relief for pension savings.

Alternatives to Consider

If you want to trade cryptocurrencies and stocks in one place, Robinhood is a good alternative. It also charges no transaction fees and offers more than ten different cryptocurrencies.

If you want to browse a wider selection of cryptocurrencies, Coinbase is worth considering. Although Coinbase does not offer stocks or other investments, it is still a reputable exchange worth investigating.

It offers a huge selection of cryptocurrencies and has a great platform for experienced investors. Despite Coinbase's complicated (and often high) fee structure, there are still many positive aspects to this platform.

Finally, you can trade cryptocurrencies using cryptocurrency trading robots.

	Name	Score	Visit	Disclaimer
	1eToro	8.7	Visitetoro.com					Don’t invest unless you’re prepared to lose all the money you invest.
	2Plus500 CFD Broker	9.8	Visitplus500.com					82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
	3Pepperstone	9.0	Visitpepperstone.com					Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

A limited selection of cryptocurrencies

eToro has a smaller selection of crypto compared to some of the best exchanges. While non-US investors have access to about 75 different cryptocurrencies, US investors only have access to about 25. Other US exchanges offer hundreds of coins and tokens.

However, eToro might be the best option for you if you want to manage all your investments in one place and invest in the best cryptocurrencies alongside stocks.

Fees could be lower

For cryptocurrency transactions, eToro charges a 1% fee plus per spread. This is less expensive than some of its competitors, but there are better prices than this one. Some cryptocurrency trading platforms offer commissions as low as 0.1%.

If you pay more than 1% in fees every time you buy or sell a digital currency, your profits will reduce your profits. It is important to note that eToro charges an inactivity fee for accounts that have not been active for a year if you are a buy-and-hold investor who intends to buy cryptocurrencies and hold them for a long time.

Not accessible in all states of the US

All residents of the US can open a virtual trading account. But at the moment, users from Hawaii, Minnesota, Nevada, and New York cannot buy and sell cryptocurrencies on the eToro website. In the future, the company plans to be accessible in all 50 states. Some traders will have to look elsewhere until then.

Final Thoughts

With a low investment of $50, eToro is an excellent choice for both experienced traders who want to be compensated for sharing their strategies and regular traders who want to harness the power of copy trading.

The user-friendly platform is an added bonus for less experienced traders who need some guidance. However, it is not advisable for aggressive or high turnover traders to use eToro due to the large spreads and limited maximum trade sizes.

eToro is an excellent choice for social copy trading and cryptocurrency trading in 2022.

Disclaimer

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

eToro USA LLC. All investments have the ability to lose value, including your entire equity investment. The content herein is not intended to be an investment recommendation or personal investment advice, and rather provided for informational purposes alone

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